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The moderating role of processing style in risk perceptions and risky decision making
Author(s) -
Chan Eugene Y.,
Saqib Najam U.
Publication year - 2021
Publication title -
journal of behavioral decision making
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 1.136
H-Index - 76
eISSN - 1099-0771
pISSN - 0894-3257
DOI - 10.1002/bdm.2210
Subject(s) - affect (linguistics) , risk perception , perception , psychology , social psychology , risk aversion (psychology) , risk analysis (engineering) , style (visual arts) , risk assessment , medicine , computer science , economics , expected utility hypothesis , computer security , communication , mathematical economics , archaeology , neuroscience , history
When evaluating risks, such as skydiving or taking an experimental drug, there are both possible harms and benefits to consider. In the current research, we hypothesize that individuals evaluating risks visually possibly see greater potential harms—but not more potential benefits—compared with those doing so verbally. This is likely because visualizing risks is inherently an affective experience, and negative affect (e.g., potential harms in risk taking) is more dominant than positive affect (e.g., potential benefits). This means that perceived harms are greater for visualizers, reducing their willingness to take risks. We obtain support for this theorizing across four studies, with visualizing individuals more likely to see harms from taking risks, leading to their risk aversion. This research thus demonstrates that visualizing risks asymmetrically shapes how individuals evaluate the two main components of risk taking (perceived harms, perceived benefits). We discuss the application of our findings to how individuals perceive risks in both the marketplace and policy settings.